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Author Topic: MIT technology wrote a negative article on Bitcoin  (Read 3123 times)
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February 19, 2014, 10:51:22 AM
 #1

MIT technology does not believe in Bitcoin.
They endorsed an article called: "Bitcoin Lacks the Properties of a Real Currency"
http://www.technologyreview.com/view/524666/bitcoin-lacks-the-properties-of-a-real-currency/


 
 
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February 19, 2014, 10:54:55 AM
 #2

its barely worth reading except to learn how incompetent the author is

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February 19, 2014, 10:55:21 AM
 #3

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 it has another fatal economic flaw. Only 21 million units can ever be issued, and a fixed money supply is incompatible with a growing economy.

lol Cheesy that's one of cryptocurrencies' best points, how much are these guys getting paid to write this unconvincing bullshit?
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February 19, 2014, 11:04:03 AM
 #4

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 it has another fatal economic flaw. Only 21 million units can ever be issued, and a fixed money supply is incompatible with a growing economy.

lol Cheesy that's one of cryptocurrencies' best points, how much are these guys getting paid to write this unconvincing bullshit?

his brain may be incompatible with the keyboard he is using

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February 19, 2014, 11:07:21 AM
 #5

But BTC does lack the properties of real currency... that is why it was created... If it acted like a FIAT, it would be a failure of a design.

That is like saying an airplane is not like a car... No shit! I drive a car to work, down the road. I fly a plane to work, overseas!

It's a virtual and physical asset, a stock in the network, a form of exchange (currency-value), and a commodity, all at the same time.

It can be spent, traded, earned, lost and destroyed... But not duplicated, extended in whole volume, or directly regulated beyond acceptable network programming. Thus, not a FIAT. (Just for the anti-counterfeiting alone, it will save us billions in losses. Ahem, Russia, Zimbabwe-dollars.)
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February 19, 2014, 11:18:11 AM
 #6

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 it has another fatal economic flaw. Only 21 million units can ever be issued, and a fixed money supply is incompatible with a growing economy.

lol Cheesy that's one of cryptocurrencies' best points, how much are these guys getting paid to write this unconvincing bullshit?

It can be a good point for an electronic medium of exchange, but it is not the best point for a REAL economy.

By the way, I am sure the guy must be paid better than you.

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February 19, 2014, 11:23:06 AM
 #7

its military grade cryptography that is remodding the entire landscape as we know it, and their is not a single thing anyone can do to stop it

not even a Quantum computer  Cheesy Cheesy Cheesy

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February 19, 2014, 11:26:37 AM
 #8

It's a virtual and physical asset, a stock in the network, a form of exchange (currency-value), and a commodity, all at the same time.

It can be spent, traded, earned, lost and destroyed... But not duplicated, extended in whole volume, or directly regulated beyond acceptable network programming. Thus, not a FIAT. (Just for the anti-counterfeiting alone, it will save us billions in losses. Ahem, Russia, Zimbabwe-dollars.)

How stupid you sound... No, it is not a "physical asset", it is not a "stock in the network" and it is not a "commodity". You barely got right about the medium of exchange.

Yes, it can be "duplicated" (a.k.a. double spend), it can be "extend in whole volume" and it can be "directly regulated".
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February 19, 2014, 11:29:01 AM
 #9

its military grade cryptography that is remodding the entire landscape as we know it, and their is not a single thing anyone can do to stop it

not even a Quantum computer  Cheesy Cheesy Cheesy

Yet another stupid comment... No, it is not a "military grade cryptography that is remodding the entire landscape".
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February 19, 2014, 11:30:12 AM
 #10

Bitcoin also lacks additional characteristics usually associated with currencies.

*It cannot be deposited in a bank; instead it must be held in “digital wallets” that have proved *vulnerable to thieves and hackers. There is nothing comparable to the deposit insurance relied on by banking consumers. *No lenders use bitcoins as the unit of account for consumer credit, auto loans, or mortgages, and no credit or debit cards are denominated in bitcoins.

1*) Centralised Banks are to be removed on Earth for the sake of human future!
2*) Its also vulnerable to be stolen banks which uses digital numbers on their website
rest is crab to answer ...these mother fuckers such stupid i cant tell. They seem idiots to me.
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February 19, 2014, 11:40:27 AM
 #11

It's a virtual and physical asset, a stock in the network, a form of exchange (currency-value), and a commodity, all at the same time.

It can be spent, traded, earned, lost and destroyed... But not duplicated, extended in whole volume, or directly regulated beyond acceptable network programming. Thus, not a FIAT. (Just for the anti-counterfeiting alone, it will save us billions in losses. Ahem, Russia, Zimbabwe-dollars.)

How stupid you sound... No, it is not a "physical asset", it is not a "stock in the network" and it is not a "commodity". You barely got right about the medium of exchange.

Yes, it can be "duplicated" (a.k.a. double spend), it can be "extend in whole volume" and it can be "directly regulated".

That's funny, my miners are physical... the computer running your wallet is physical, the internet fiber-optics are physical, the memory where these originate and reside is physical... There are physical wallets and coins...

Lets see your bitcoin without some kind of physical asset to display it.

What isn't physical about it? Credit-cards are physical, FIAT is a physical form of "virtual trust", and banks...

FIAT is a virtual value.
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February 19, 2014, 11:44:09 AM
 #12

just curious.. have any of you drank from a fire hose before?
i ask because that is what an education from MIT is like..  I wouldn't be so quick to call someone from there an idiot over a difference of opinion.

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February 19, 2014, 11:46:37 AM
 #13

its military grade cryptography that is remodding the entire landscape as we know it, and their is not a single thing anyone can do to stop it

not even a Quantum computer  Cheesy Cheesy Cheesy

Yet another stupid comment... No, it is not a "military grade cryptography that is remodding the entire landscape".

I'll refrain from making petty statements as your doing enough for everyone  Cheesy







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February 19, 2014, 11:48:53 AM
 #14

That's funny, my miners are physical... the computer running your wallet is physical, the internet fiber-optics are physical, the memory where these originate is physical... There are physical wallets and coins...

What isn't physical about it? Credit-cards are physical, FIAT is a physical form of "virtual trust", and banks...

You are more stupid than I thought...

None of your examples makes BTC a tangible object.
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February 19, 2014, 11:49:40 AM
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That's funny, my miners are physical... the computer running your wallet is physical, the internet fiber-optics are physical, the memory where these originate is physical... There are physical wallets and coins...

What isn't physical about it? Credit-cards are physical, FIAT is a physical form of "virtual trust", and banks...

You are stupid than I thought...

None of your examples makes BTC a tangible object.

more stupid

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February 19, 2014, 11:50:19 AM
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Bitcoin also lacks additional characteristics usually associated with currencies.

*It cannot be deposited in a bank; instead it must be held in “digital wallets” that have proved *vulnerable to thieves and hackers. There is nothing comparable to the deposit insurance relied on by banking consumers. *No lenders use bitcoins as the unit of account for consumer credit, auto loans, or mortgages, and no credit or debit cards are denominated in bitcoins.

1*) Centralised Banks are to be removed on Earth for the sake of human future!
2*) Its also vulnerable to be stolen banks which uses digital numbers on their website
rest is crab to answer ...these mother fuckers such stupid i cant tell. They seem idiots to me.


You can print "paper-wallets", which can not be hacked, and like a "check" or "bank note", represents your tender.

It can be deposited the same way money is deposited... It just isn't yet... Unless you count safety-deposit-boxes, in banks.

My bank accepts Euro deposits, but not all do.. does that make Euro useless or not a FIAT?

You deposit a dollar, it is turned into virtual representation in the computer there. You are the bank in BTC. The Network is similar to a banks network. Except, unless stolen, your BTC is always there, where you left it. With a bank, it might be there, but normally it is lent-out again to another person. (The majority of solid deposits in a bank are lent-out.)

What, no-one can steal your identity and use your ATM card or CC number linked to your account in a bank, or just rob the bank?
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February 19, 2014, 11:54:40 AM
 #17

It can be deposited the same way money is deposited... It just isn't yet... Unless you count safety-deposit-boxes, in banks.

My bank accepts Euro deposits, but not all do.. does that make Euro useless or not a FIAT?

You deposit a dollar, it is turned into virtual representation in the computer there. You are the bank in BTC. The Network is similar to a banks network. Except, unless stolen, your BTC is always there, where you left it. With a bank, it might be there, but normally it is lent-out again to another person. (The majority of solid deposits in a bank are lent-out.)

What, no-one can steal your identity and use your ATM card or CC number linked to your account in a bank, or just rob the bank?

No, it cannot be deposited in the same way as money is deposited in a bank. Could you please shut up and save the newbies of your misinformation?

You can print "paper-wallets", which can not be hacked, and like a "check" or "bank note", represents your tender

Yet another more stupid than ever comment...
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February 19, 2014, 11:57:59 AM
 #18

That's funny, my miners are physical... the computer running your wallet is physical, the internet fiber-optics are physical, the memory where these originate is physical... There are physical wallets and coins...

What isn't physical about it? Credit-cards are physical, FIAT is a physical form of "virtual trust", and banks...

You are more stupid than I thought...

None of your examples makes BTC a tangible object.

Then FIAT isn't a tangible object... Which makes you just an idiot and a walking contradiction.

You are right, it isn't a soft shiny malleable chunk of earth... (gold) Ever try spending that? Good luck finding someone who wants to use that for exchanges, without having a personal alchemist to smelt and test it for purity to ensure it isn't counterfeit.
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February 19, 2014, 11:59:18 AM
 #19

No, it cannot be deposited in the same way as money is deposited in a bank. Could you please shut up and save the newbies of your misinformation?

Funny, I have a bank that accepts BTC and deposits into my bank account... It's called coinbase.

There is this other neat one... Maybe you heard of it, it's called PayPal... My other bank.
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February 19, 2014, 12:02:28 PM
 #20

No, it cannot be deposited in the same way as money is deposited in a bank. Could you please shut up and save the newbies of your misinformation?

Funny, I have a bank that accepts BTC and deposits into my bank account... It's called coinbase.

ISAWHIM, please, just shut up. As more you talk, more it becomes clear your understanding of the discussed subject is poor.

Coinbase is not a bank.
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